South Korea Boosts Canadian Crude Imports as Iran War Disrupts Gulf Supply

South Korea has increased its imports of Canadian crude oil fourfold, reaching about 61,000 barrels per day in the second quarter, up from 17,000 barrels per day in the first quarter, according to Vortexa data. The surge follows an April agreement that removed a 3% tariff on Canadian oil and reflects the impact of the Iran‑Israel conflict, which has disrupted shipping through the Strait of Hormuz. The conflict prompted Asian nations to seek alternatives to Persian Gulf barrels, reshaping trade flows. The United States reinstated a blockade on Iranian exports after a cease‑fire collapse, further tightening supply routes.

Analysts note that the heightened reliance on Canadian oil could extend beyond the war, potentially altering long‑term energy trade patterns for South Korea and other Asian markets.